CNPC Grabs Minority Stake In $20B Novatek LNG Project

Law360, New York (June 21, 2013, 4:23 PM EDT) -- China National Petrochemical Corp. took a sizable minority stake in Novatek OAO's $20 billion liquefied natural gas project in a deal that also guarantees it a portion of the gas extracted from the site for several years to come, Novatek said Friday.

Under the deal's terms, CNPC will take a 20 percent share of the Yamal LNG project, situated on the Arctic Yamal Peninsula in western Siberia. The company will also receive 3 million tons of LNG produced at the site in line with a long-term...